SGI SMALL CAP CORE FUND
|
PORTFOLIO OF INVESTMENTS
|
MAY 31, 2022 (UNAUDITED)
|
NUMBER
|
||||||||
OF SHARES
|
VALUE
|
|||||||
COMMON STOCKS - 96.9%
|
||||||||
Aerospace/Defense — 0.2%
|
||||||||
Astronics Corp.*
|
18,000
|
$
|
189,000
|
|||||
Apparel — 2.1%
|
||||||||
Crocs, Inc.*
|
8,900
|
496,264
|
||||||
Oxford Industries, Inc.
|
10,600
|
966,296
|
||||||
Urban Outfitters, Inc.*
|
22,600
|
475,730
|
||||||
1,938,290
|
||||||||
Auto Parts & Equipment — 0.2%
|
||||||||
Allison Transmission Holdings, Inc.
|
4,300
|
172,043
|
||||||
Banks — 6.6%
|
||||||||
Bank First Corp.
|
1,300
|
94,471
|
||||||
Bridgewater Bancshares, Inc.*
|
2,600
|
42,198
|
||||||
Civista Bancshares, Inc.
|
3,000
|
64,050
|
||||||
ConnectOne Bancorp, Inc.
|
10,600
|
292,136
|
||||||
Eagle Bancorp, Inc.
|
7,200
|
356,832
|
||||||
FB Financial Corp.
|
10,100
|
424,402
|
||||||
First Bancorp Southern Pines
|
10,300
|
385,941
|
||||||
First Internet Bancorp
|
5,000
|
193,250
|
||||||
Guaranty Bancshares Inc.
|
3,500
|
127,610
|
||||||
Merchants Bancorp
|
12,700
|
323,723
|
||||||
Meta Financial Group, Inc.
|
11,700
|
486,369
|
||||||
Metropolitan Bank Holding Corp.*
|
9,300
|
718,239
|
||||||
Nicolet Bankshares, Inc.*
|
4,500
|
359,370
|
||||||
Origin Bancorp, Inc.
|
9,300
|
363,444
|
||||||
Peapack-Gladstone Financial Corp.
|
4,200
|
141,540
|
||||||
QCR Holdings, Inc.
|
4,200
|
232,764
|
||||||
Red River Bancshares, Inc.
|
2,600
|
133,510
|
||||||
ServisFirst Bancshares, Inc.
|
5,300
|
441,808
|
||||||
SmartFinancial, Inc.
|
5,800
|
150,220
|
||||||
South Plains Financial, Inc.
|
4,000
|
98,880
|
||||||
Southern First Bancshares, Inc.*
|
2,400
|
108,240
|
||||||
TriCo Bancshares
|
2,100
|
95,214
|
||||||
Westamerica BanCorp
|
7,200
|
433,512
|
||||||
6,067,723
|
||||||||
Biotechnology — 0.8%
|
||||||||
Innoviva, Inc.*
|
47,000
|
712,990
|
||||||
Building Materials — 3.1%
|
||||||||
Hayward Holdings, Inc.*
|
19,600
|
299,880
|
||||||
Louisiana-Pacific Corp.
|
11,900
|
821,814
|
||||||
PGT Innovations, Inc.*
|
26,800
|
538,680
|
||||||
Simpson Manufacturing Co., Inc.
|
7,000
|
758,450
|
||||||
UFP Industries, Inc.
|
5,900
|
455,480
|
||||||
2,874,304
|
||||||||
Chemicals — 0.4%
|
||||||||
AdvanSix, Inc.
|
5,200
|
240,916
|
||||||
Hawkins, Inc.
|
2,600
|
94,016
|
||||||
334,932
|
||||||||
Commercial Services — 6.4%
|
||||||||
ABM Industries, Inc.
|
1,000
|
48,350
|
||||||
AMN Healthcare Services, Inc.*
|
8,100
|
784,890
|
||||||
ASGN, Inc.*
|
3,100
|
295,213
|
||||||
CorVel Corp.*
|
5,300
|
790,548
|
||||||
Cross Country Healthcare, Inc.*
|
49,900
|
880,735
|
||||||
Forrester Research, Inc.*
|
2,500
|
130,825
|
||||||
Franklin Covey Co.*
|
12,000
|
459,720
|
||||||
ICF International, Inc.
|
2,600
|
265,746
|
||||||
Kforce, Inc.
|
5,500
|
361,240
|
||||||
Korn/Ferry International
|
1,700
|
104,482
|
||||||
Lawson Products Inc.*
|
2,500
|
95,975
|
||||||
National Research Corp.
|
2,300
|
82,547
|
||||||
PROG Holdings, Inc.*
|
16,281
|
475,242
|
||||||
R1 RCM, Inc.*
|
26,600
|
571,102
|
||||||
WillScot Mobile Mini Holdings Corp.*
|
14,100
|
503,793
|
||||||
5,850,408
|
||||||||
Computers — 0.7%
|
||||||||
ExlService Holdings, Inc.*
|
700
|
99,533
|
||||||
Insight Enterprises, Inc.*
|
5,600
|
553,392
|
||||||
652,925
|
||||||||
Cosmetics/Personal Care — 0.9%
|
||||||||
elf Beauty, Inc.*
|
16,400
|
436,568
|
||||||
Inter Parfums, Inc.
|
4,700
|
346,860
|
||||||
783,428
|
||||||||
Distribution/Wholesale — 1.5%
|
||||||||
Core & Main, Inc., Class A*
|
14,400
|
339,840
|
||||||
Titan Machinery, Inc.*
|
17,800
|
470,098
|
||||||
WESCO International, Inc.*
|
4,500
|
565,110
|
||||||
1,375,048
|
||||||||
Diversified Financial Services — 4.9%
|
||||||||
Amerant Bancorp, Inc.
|
11,400
|
335,844
|
||||||
AssetMark Financial Holdings, Inc.*
|
27,000
|
564,030
|
||||||
Columbia Financial, Inc.*
|
24,600
|
511,434
|
||||||
Enova International, Inc.*
|
24,000
|
757,920
|
||||||
Focus Financial Partners, Inc., Class A*
|
11,100
|
418,470
|
||||||
International Money Express, Inc.*
|
26,700
|
550,554
|
||||||
Nelnet, Inc., Class A
|
500
|
42,345
|
||||||
Piper Sandler Cos.
|
1,400
|
184,506
|
||||||
PJT Partners, Inc., Class A
|
12,898
|
978,184
|
||||||
Regional Management Corp.
|
3,700
|
176,046
|
||||||
4,519,333
|
||||||||
Electric — 0.0%
|
||||||||
Otter Tail Corp.
|
700
|
45,773
|
||||||
Electrical Components & Equipment — 0.1%
|
||||||||
Orion Energy Systems, Inc.*
|
39,300
|
87,639
|
||||||
Electronics — 2.1%
|
||||||||
Knowles Corp.*
|
35,500
|
682,310
|
||||||
Mesa Laboratories, Inc.
|
1,800
|
376,650
|
||||||
OSI Systems, Inc.*
|
7,900
|
662,968
|
||||||
TD SYNNEX Corp.
|
2,300
|
238,855
|
||||||
1,960,783
|
||||||||
Engineering & Construction — 2.1%
|
||||||||
Comfort Systems USA, Inc.
|
2,600
|
233,272
|
||||||
IES Holdings, Inc.*
|
5,900
|
182,251
|
||||||
MasTec, Inc.*
|
1,200
|
100,308
|
||||||
MYR Group, Inc.*
|
8,400
|
769,524
|
||||||
NV5 Global, Inc.*
|
5,100
|
628,218
|
||||||
1,913,573
|
||||||||
Entertainment — 0.9%
|
||||||||
SeaWorld Entertainment, Inc.*
|
5,200
|
281,736
|
||||||
Six Flags Entertainment Corp.*
|
17,300
|
507,755
|
||||||
789,491
|
||||||||
Environmental Control — 0.4%
|
||||||||
Evoqua Water Technologies Corp.*
|
5,600
|
199,304
|
||||||
Heritage-Crystal Clean, Inc.*
|
5,900
|
162,663
|
||||||
361,967
|
||||||||
Food — 3.6%
|
||||||||
Chefs' Warehouse Inc., (The)*
|
24,300
|
868,239
|
||||||
Hostess Brands, Inc.*
|
2,800
|
59,500
|
||||||
Ingles Markets, Inc., Class A
|
4,800
|
427,488
|
||||||
Seaboard Corp.
|
50
|
206,969
|
||||||
Sprouts Farmers Market, Inc.*
|
38,400
|
1,040,256
|
||||||
Tootsie Roll Industries, Inc.
|
16,068
|
531,369
|
||||||
Weis Markets, Inc.
|
2,200
|
161,744
|
||||||
3,295,565
|
||||||||
Gas — 0.3%
|
||||||||
Chesapeake Utilities Corp.
|
2,000
|
267,140
|
||||||
Hand/Machine Tools — 0.6%
|
||||||||
Franklin Electric Co., Inc.
|
7,000
|
516,040
|
||||||
Healthcare-Products — 1.1%
|
||||||||
ICU Medical, Inc.*
|
1,000
|
181,640
|
||||||
Shockwave Medical, Inc.*
|
5,200
|
853,892
|
||||||
1,035,532
|
||||||||
Healthcare-Services — 0.4%
|
||||||||
Tenet Healthcare Corp.*
|
6,200
|
401,202
|
||||||
Home Builders — 2.0%
|
||||||||
Beazer Homes USA, Inc.*
|
22,400
|
363,104
|
||||||
Cavco Industries, Inc.*
|
1,700
|
377,672
|
||||||
Forestar Group, Inc.*
|
12,500
|
207,250
|
||||||
M/I Homes, Inc.*
|
10,000
|
467,500
|
||||||
Winnebago Industries, Inc.
|
7,800
|
385,710
|
||||||
1,801,236
|
||||||||
Home Furnishings — 0.6%
|
||||||||
Sonos, Inc.*
|
25,500
|
564,315
|
||||||
Insurance — 2.2%
|
||||||||
Enstar Group Ltd.*
|
300
|
69,579
|
||||||
Nmi Holdings, Inc., Class A*
|
48,200
|
897,002
|
||||||
Palomar Holdings, Inc.*
|
1,700
|
105,655
|
||||||
ProAssurance Corp.
|
3,800
|
84,398
|
||||||
Stewart Information Services Corp.
|
15,500
|
860,095
|
||||||
2,016,729
|
||||||||
Internet — 0.3%
|
||||||||
ePlus, Inc.*
|
4,900
|
278,026
|
||||||
Iron/Steel — 1.1%
|
||||||||
Carpenter Technology Corp.
|
8,500
|
299,455
|
||||||
Schnitzer Steel Industries, Inc., Class A
|
17,900
|
727,098
|
||||||
1,026,553
|
||||||||
Leisure Time — 2.1%
|
||||||||
Malibu Boats, Inc., Class A*
|
14,600
|
855,560
|
||||||
MasterCraft Boat Holdings, Inc.*
|
21,700
|
507,780
|
||||||
OneWater Marine, Inc., Class A
|
16,100
|
550,620
|
||||||
1,913,960
|
||||||||
Machinery-Construction & Mining — 0.4%
|
||||||||
Terex Corp.
|
10,600
|
375,134
|
||||||
Machinery-Diversified — 1.6%
|
||||||||
Alamo Group, Inc.
|
4,800
|
564,624
|
||||||
Columbus McKinnon Corp.
|
7,900
|
266,625
|
||||||
CSW Industrials, Inc.
|
1,200
|
127,344
|
||||||
Lindsay Corp.
|
1,300
|
163,800
|
||||||
Tennant Co.
|
5,100
|
317,424
|
||||||
1,439,817
|
||||||||
Media — 1.3%
|
||||||||
Liberty Latin America Ltd., Class C*
|
93,900
|
892,989
|
||||||
Scripps E W Co., Class A*
|
21,400
|
339,618
|
||||||
1,232,607
|
||||||||
Metal Fabricate/Hardware — 2.0%
|
||||||||
AZZ, Inc.
|
13,100
|
586,356
|
||||||
Mueller Industries, Inc.
|
16,200
|
872,370
|
||||||
Omega Flex, Inc.
|
700
|
77,378
|
||||||
Ryerson Holding Corp.
|
8,500
|
256,190
|
||||||
1,792,294
|
||||||||
Miscellaneous Manufacturing — 0.1%
|
||||||||
Chase Corp.
|
1,100
|
88,869
|
||||||
Oil & Gas — 13.4%
|
||||||||
Brigham Minerals, Inc., Class A
|
19,400
|
588,014
|
||||||
Centennial Resource Development, Inc., Class A*
|
103,000
|
817,820
|
||||||
CNX Resources Corp.*
|
21,800
|
473,496
|
||||||
CVR Energy, Inc.
|
11,100
|
382,173
|
||||||
Denbury, Inc.*
|
5,600
|
409,584
|
||||||
Earthstone Energy, Inc., Class A*
|
45,700
|
823,514
|
||||||
EQT Corp.
|
21,900
|
1,045,068
|
||||||
Kosmos Energy Ltd.*
|
88,700
|
686,538
|
||||||
Magnolia Oil & Gas Corp., Class A
|
25,000
|
690,250
|
||||||
Matador Resources Co.
|
17,100
|
1,041,390
|
||||||
Murphy Oil Corp.
|
24,400
|
1,035,048
|
||||||
Ovintiv, Inc.
|
16,300
|
912,637
|
||||||
PBF Energy, Inc., Class A*
|
5,700
|
189,240
|
||||||
PDC Energy, Inc.
|
6,900
|
546,066
|
||||||
Ranger Oil Corp., Class A*
|
18,300
|
783,423
|
||||||
SM Energy Co.
|
22,600
|
1,090,902
|
||||||
Talos Energy, Inc.*
|
35,800
|
773,280
|
||||||
12,288,443
|
||||||||
Oil & Gas Services — 2.2%
|
||||||||
ChampionX Corp.
|
17,700
|
411,879
|
||||||
MRC Global, Inc.*
|
27,100
|
303,249
|
||||||
National Energy Services Reunited Corp.*
|
63,300
|
472,218
|
||||||
Oceaneering International, Inc.*
|
72,700
|
924,744
|
||||||
2,112,090
|
||||||||
Packaging & Containers — 0.1%
|
||||||||
Silgan Holdings, Inc.
|
2,200
|
96,382
|
||||||
Pharmaceuticals — 2.8%
|
||||||||
Collegium Pharmaceutical, Inc.*
|
37,600
|
587,312
|
||||||
Pacira BioSciences, Inc.*
|
4,000
|
253,000
|
||||||
Prestige Brands Holdings, Inc.*
|
17,600
|
982,432
|
||||||
Supernus Pharmaceuticals, Inc.*
|
4,700
|
130,989
|
||||||
USANA Health Sciences, Inc.*
|
9,051
|
636,557
|
||||||
2,590,290
|
||||||||
Pipelines — 0.4%
|
||||||||
Golar LNG Ltd.*
|
13,100
|
331,823
|
||||||
Real Estate — 0.9%
|
||||||||
Cushman & Wakefield PLC*
|
34,500
|
644,115
|
||||||
Marcus & Millichap, Inc.
|
5,000
|
209,400
|
||||||
853,515
|
||||||||
REITS — 3.2%
|
||||||||
Brandywine Realty Trust
|
25,600
|
285,440
|
||||||
City Office REIT, Inc.
|
22,900
|
319,226
|
||||||
Life Storage, Inc.
|
3,600
|
420,336
|
||||||
Rexford Industrial Realty, Inc.
|
5,200
|
332,124
|
||||||
Ryman Hospitality Properties, Inc.*
|
4,500
|
401,805
|
||||||
Safehold, Inc.
|
19,900
|
892,515
|
||||||
UMH Properties, Inc.
|
15,900
|
313,071
|
||||||
2,964,517
|
||||||||
Retail — 7.4%
|
||||||||
Arko Corp.
|
81,500
|
735,945
|
||||||
AutoNation, Inc.*
|
7,300
|
872,788
|
||||||
Dave & Buster's Entertainment, Inc.*
|
9,900
|
375,111
|
||||||
Genesco, Inc.*
|
14,500
|
816,495
|
||||||
GMS, Inc.*
|
18,600
|
926,466
|
||||||
Group 1 Automotive, Inc.
|
2,500
|
448,975
|
||||||
MarineMax, Inc.*
|
21,100
|
873,751
|
||||||
Murphy USA, Inc.
|
1,400
|
348,768
|
||||||
Patrick Industries, Inc.
|
9,300
|
559,023
|
||||||
Winmark Corp.
|
1,300
|
257,140
|
||||||
World Fuel Services Corp.
|
24,700
|
612,313
|
||||||
6,826,775
|
||||||||
Savings & Loans — 0.8%
|
||||||||
Hingham Institution For Savings, (The)
|
500
|
161,400
|
||||||
Home Bancorp, Inc.
|
2,500
|
85,975
|
||||||
HomeTrust Bancshares, Inc.
|
9,100
|
244,244
|
||||||
Southern Missouri Bancorp, Inc.
|
4,800
|
224,064
|
||||||
715,683
|
||||||||
Semiconductors — 1.9%
|
||||||||
Diodes, Inc.*
|
11,700
|
901,017
|
||||||
EMCORE Corp.*
|
103,500
|
341,550
|
||||||
SMART Global Holdings, Inc.*
|
11,100
|
273,615
|
||||||
Synaptics, Inc.*
|
1,300
|
192,556
|
||||||
1,708,738
|
||||||||
Software — 3.1%
|
||||||||
CoreCard Corp.*
|
2,700
|
63,342
|
||||||
Digi International, Inc.*
|
22,700
|
501,670
|
||||||
Evolent Health, Inc., Class A*
|
30,300
|
852,339
|
||||||
Verint Systems, Inc.*
|
8,400
|
428,736
|
||||||
Verra Mobility Corp.*
|
61,700
|
984,115
|
||||||
2,830,202
|
||||||||
Telecommunications — 1.1%
|
||||||||
EchoStar Corp., Class A*
|
9,400
|
225,882
|
||||||
Iridium Communications, Inc.*
|
11,100
|
411,921
|
||||||
Viavi Solutions, Inc.*
|
30,800
|
445,676
|
||||||
1,083,479
|
||||||||
Transportation — 6.1%
|
||||||||
ArcBest Corp.
|
4,100
|
310,083
|
||||||
Atlas Air Worldwide Holdings, Inc.*
|
8,500
|
592,535
|
||||||
Covenant Logistics Group, Inc.
|
5,300
|
120,151
|
||||||
Daseke, Inc.*
|
37,400
|
282,744
|
||||||
Heartland Express, Inc.
|
45,200
|
645,456
|
||||||
Hub Group, Inc., Class A*
|
8,600
|
627,628
|
||||||
Landstar System, Inc.
|
2,600
|
393,718
|
||||||
Marten Transport, Ltd.
|
36,000
|
632,160
|
||||||
Radiant Logistics, Inc.*
|
60,800
|
403,104
|
||||||
Saia, Inc.*
|
2,000
|
395,180
|
||||||
Schneider National, Inc., Class B
|
34,900
|
842,486
|
||||||
Werner Enterprises, Inc.
|
10,700
|
434,099
|
||||||
5,679,344
|
||||||||
Water — 0.4%
|
||||||||
American States Water Co.
|
3,200
|
253,600
|
||||||
Artesian Resources Corp., Class A
|
1,900
|
93,252
|
||||||
346,852
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $91,264,875)
|
89,102,802
|
|||||||
SHORT-TERM INVESTMENTS - 2.9%
|
||||||||
U.S. Bank Money Market Deposit Account, 0.50% (a)
|
2,624,299
|
2,624,298
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $2,624,299)
|
2,624,298
|
|||||||
TOTAL INVESTMENTS - 99.8%
|
||||||||
(Cost $93,889,174)
|
91,727,100
|
|||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
|
183,669
|
|||||||
NET ASSETS - 100.0%
|
$
|
91,910,769
|
*
|
Non-income producing security
|
|||||||
(a)
|
The rate shown is as of May 31, 2022.
|
|||||||
REIT
|
Real Estate Investment Trust
|
|||||||
The accompanying notes are an integral part of the portfolio of investments.
|
SUMMIT GLOBAL INVESTMENTS, LLC
|
||||||||
PORTFOLIO OF INVESTMENTS
|
||||||||
MAY 31, 2022 (UNAUDITED)
|
||||||||
FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
|
||||||||||||||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
|
||||||||||||||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
||||||||||||||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).
|
||||||||||||||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
|
||||||||||||||||
The following is a summary of the inputs used, as of May 31, 2022, in valuing each Fund's investments carried at fair value:
|
||||||||||||||||
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
SGI Small Cap Core Fund
|
||||||||||||||||
Common Stocks
|
$
|
89,102,802
|
$
|
89,102,802
|
$
|
-
|
$
|
-
|
||||||||
Short-Term Investments
|
2,624,298
|
2,624,298
|
-
|
-
|
||||||||||||
Total Investments*
|
$
|
91,727,100
|
$
|
91,727,100
|
$
|
-
|
$
|
-
|
||||||||
* Please refer to Portfolio of Investments for further details.
|
During the current fiscal period, the Fund had no Level 3 transfers.
|
||||||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
|